Coventry, a financial services provider that bridges insurance and capital markets to create groundbreaking products, has announced that the US Bankruptcy Court for the Southern District of New York has approved an agreement between the company and Ritchie Risk-Linked Strategies Trading I and II for the resolution of outstanding issues related to life settlement policies previously purchased by Ritchie.
The Ritchie companies have declared bankruptcy in June 2007. As part of the agreement, Ritchie will pay Coventry $10 million and the parties agreed to mutual releases of all claims against one another in the bankruptcy litigation. US Bankruptcy judge Burton Lifland approved the agreement at a hearing in Manhattan.
Alan Buerger, CEO of Coventry, said: I am pleased the agreement includes significant safeguards to make certain the insured’s’ identities remain confidential. As the leader and creator of the secondary market for life insurance, Coventry has been at the forefront of seeking privacy protections for the insureds. From my point of view, having this issue dealt with in a responsible way by the parties was of paramount importance.